Skip to main content

4 financial challenges of medical students

Embarking on a career in medicine is both exciting and rewarding. But during your training and as you begin practice, you could face some of these financial challenges.


1. Crushing debt

A large debt load can be a major source of stress and distract you from your studies.


How much debt do you expect to have after medical school?



How stressful do you find your financial situation?



Sources: Debt figures from MD Physician Loyalty Survey December 2015 and June 2016 (combined); Stress figures from National Physician Survey 2012

2. Extra expenses before residency

As you finish your studies and begin residency, there are additional expenses to prepare for.

- MCCQE Part 1 Exam

- Moving costs if your residency position is in another region

- Travel expenses for CaRMS interviews


3. Critical decisions during residency

Once you start earning a salary, there are other financial decisions to make.

- Consolidate student loans or not?

- Start a family or wait?

- Pay down debt or start investing?

- Buy or rent?

- Pay down debt or start investing?


4. Jump in income

A dramatic increase in income when you transition to practice will be a welcome change. But beware the temptation to spend well beyond your means.

MD is the only financial management company dedicated to physicians and is the exclusive financial services partner of the Canadian Federation of Medical Students.

Plus, as a medical student, you’ll have access to MD MedEd Counsel™ – a team of MD Advisors and Early Career Specialists dedicated to medical students and residents.


Learn more about MD MedEd Counsel™ or find an MD Advisor near you.

MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. For a detailed list of these companies, visit 

•  MD MedEd CounselTM services are provided by MD Management Limited. • MD MedEd Counsel™ is a trademark of the Bank of Nova Scotia, used under licence.